Welcome to our dedicated page for Sun Life Financial news (Ticker: SLF), a resource for investors and traders seeking the latest updates and insights on Sun Life Financial stock.
Sun Life Financial Inc. (TSX: SLF, NYSE: SLF) is a leading international financial services organization dedicated to helping customers achieve lifetime financial security and live healthier lives. Headquartered in Toronto, Canada, Sun Life operates globally with key markets in Canada, the United States, the United Kingdom, Hong Kong, the Philippines, and Indonesia.
Sun Life offers a comprehensive suite of insurance and investment products and services to both individual and corporate customers. The company's core offerings include life insurance, retirement and asset management products. As of the fourth quarter of 2023, Sun Life’s investment management business oversees approximately CAD 1 trillion in assets under management, contributing about 30% to its adjusted earnings. The firm’s Canadian operations, which generate around 35% of adjusted earnings, provide individual life and health insurance, group insurance, retirement services, and wealth management solutions. In the United States, the company focuses on group insurance products, contributing approximately 22% to overall earnings. Meanwhile, the Asian segment, covering markets such as the Philippines and Indonesia, accounts for 13% of Sun Life's earnings.
Noteworthy achievements include the recent announcement of a quarterly dividend of $0.78 per share, reaffirming the company's commitment to rewarding its shareholders. Sun Life has also shown strong support for legislative changes, such as the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act, which promotes paid leave benefits for employees in the U.S.
Recent Projects and Initiatives:
- Sun Life U.S. and the Boston Celtics concluded their 10th annual Fit to Win program, promoting fitness and healthy lifestyles among children.
- DentaQuest, part of Sun Life U.S., donated $30,000 to the Interfaith Dental Clinic in Tennessee, enhancing access to dental care for low-income families.
- Sun Life released its annual High-Cost Claims and Injectable Drug Trends Analysis report, providing vital insights into healthcare cost trends.
Sun Life’s robust financial condition is underscored by a strong capital position, with a LICAT ratio of 148% as of Q1 2024. The company continues to be a global leader in asset management, with a significant presence in both public and alternative asset classes through its subsidiaries MFS and SLC Management. The firm remains committed to sustainable investing, as evidenced by its recent projects in renewable energy.
Sun Life's diverse and employee-centric culture, with more than 15,000 employees and 12,000 advisors worldwide, emphasizes its mission to provide asset management, wealth, insurance, and health solutions to its clients. For more information, please visit www.sunlife.com.
Sun Life U.S. has partnered with Teledentistry.com to provide 24/7 virtual access to dental providers for its members. This service is included in dental coverage, allowing members to seek urgent dental care anytime, including emergencies. The collaboration aims to enhance accessibility to dental care, ensuring members can receive consultations quickly and potentially lower costs compared to emergency room visits. Teledentistry.com services are available to Sun Life Dental PPO plan members, improving the healthcare experience for thousands.
On December 31, 2021, Sun Life Financial Inc. (TSX: SLF; NYSE: SLF) completed the redemption of all outstanding Class A Non-Cumulative Rate Reset Preferred Shares Series 12R. This action reflects Sun Life's financial strategy and commitment to capital management. As of September 30, 2021, the company managed total assets worth $1.39 trillion, providing a strong foundation for its operations across various international markets including Canada, the U.S., and the U.K.
On December 16, 2021, Sun Life U.S. launched Sun Life Link, a suite of digital solutions aimed at streamlining benefits administration for employers. This initiative includes API integrations with major HCM and benefits systems, facilitating real-time data and automation for HR tasks. The connections enable faster insurance coverage confirmations for employees and allow HR teams to focus on strategic initiatives. With ongoing enhancements, Sun Life Link aims to address diverse employer needs and improve overall efficiency in benefits management.
On December 9, 2021, Sun Life Financial Inc. (TSX: SLF) announced that Bill Anderson will retire as Chair of the Board after the Annual Meeting on May 11, 2022. He will be succeeded by Scott Powers, who has been a director since 2015 and currently chairs the Governance Committee. Powers brings extensive experience in financial services and aims to further Sun Life's strategy focused on client-centric solutions. As of September 30, 2021, the company had total assets under management of $1.39 trillion, highlighting its significant market position.
MFS Investment Grade Municipal Trust (NYSE:CXH) has declared a long-term capital gain distribution of $0.04633 per share and a short-term capital gain distribution of $0.01932. Both distributions have an ex-dividend date of December 14, 2021 and a record date of December 15, 2021, with payments on December 31, 2021. Additionally, MFS Municipal Income Trust (NYSE:MFM) also announced a long-term capital gain distribution of $0.00254 per share, following the same ex-dividend and record dates.
The Boston Celtics raised $105,000 for the #SunLifeDunk4Diabetes campaign in November, led by Robert Williams with 19 dunks. Each dunk contributed $1,000, while fans voted on Twitter for the best dunks, generating additional funds. The program supports the YMCA of Greater Boston's Healthy Habits initiative, which assists at-risk individuals in managing diabetes. Since 2014, the campaign has raised over $700,000. Sun Life has globally contributed more than $33 million to diabetes programs. The partnership emphasizes health access in underserved communities.
Sun Life Financial Inc. (TSX: SLF) has announced its plan to redeem $300 million of Class A Non-Cumulative Rate Reset Preferred Shares Series 12R on December 31, 2021. The redemption price is set at $25.00 per share, including all declared and unpaid dividends. The final quarterly dividend of $0.237875 per share will also be paid on the same date to shareholders recorded as of November 24, 2021. As of September 30, 2021, Sun Life had total assets under management of $1.39 trillion.
On November 18, 2021, Sun Life Financial Inc. (TSX: SLF) completed a public offering in Canada, raising $2 billion through the issuance of subordinated unsecured debentures across three series. The offerings include $500 million of Series 2021-1 (2.46% due 2031), $1 billion of Series 2021-2 (2.80% due 2033), and $500 million of Series 2021-3 (3.15% due 2036). The proceeds will fund general corporate purposes, including a portion of the acquisition of DentaQuest Group, Inc. and other strategic investments.
On November 16, 2021, Sun Life Financial Inc. (TSX: SLF) announced an offering of $2 billion in subordinated unsecured debentures: Series 2021-1 ($500 million), Series 2021-2 ($1 billion), and Series 2021-3 ($500 million). The issuance is set to close on November 18, 2021. Proceeds will fund various corporate needs, including the acquisition of DentaQuest Group, Inc. The debentures are expected to qualify for Tier 2 capital upon closing of the acquisition. Notably, redemption of Series 2021-2 and 2021-3 is contingent on the acquisition's closure before October 3, 2022.
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